Renaker and Select partner up at Crown Street
Acting on behalf of developer Renaker, Select Property Group will be delivering the marketing and international sales of flats within a 52-storey tower at Crown Street, the latest project to start on site within Manchester’s Great Jackson Street regeneration area.
Now named Elizabeth Tower, the 52-storey building totals 484 apartments, and is set to be built next to a 21-storey block, in total delivering 664 flats.
Facilities available to residents will include a gym, rooftop gardens, a pool on the 44th floor, and 24-hour concierge.
The partnership between the two active Manchester developers was revealed as the flats were launched for sale internationally via Hong Kong sales agent Ashton Hawks, offering an estimated 7% gross yield to potential buyers.
According to a spokesperson for Select, the agreement between the two companies means Renaker is still delivering the construction and development, while Select is acting as the branding, marketing and exclusive global sales arm.
The SimpsonHaugh-designed project has been advanced to this point by Renaker, who started enabling works at the site over the summer months.
Renaker has already established a reputation for its ability to deliver large-scale residential buildings, with the first towers within its 1,500-apartment Deansgate Square project at nearby Owen Street closing in on completion.
Select has progressed various projects in Manchester and beyond under a suite of brands, with Vita covering luxury student accommodation, Affinity delivering PRS and CitySuites operating aparthotels. It has also launched its Origin residential brand.
Shame on you Renaker. Why don’t you do a Capital & Centric and sell to Manchester Residents? Huge demand and then you’re actually solving a problem..
By The Old Faithful
It can’t be right that such a tiny group of architects are doing all Manchester’s towers. Bland might be better than ugly, but bland upon bland upon bland is even worse.
“Manchester – we do things differently here” they said.
I didn’t realise no one else was doing soulless glass boxes.
By New Mancunian
Old Faithful – do you really think there are enough Manchester residents in a position to purchase all those flats?! Capital & Centric released the first phase to Manchester residents only. What problem is it that you think C&G are solving? They are not selling them to first time buyers or shared ownership.
By Anonymous
@New Mancunian This tower is far from bland. I’d argue its actually the best looking tower in Manchester u/c (apart from Angel Gardens which is just gorgeous).
By Anonymous
Anon – the population has grown by 150% since 2002 and jobs growth has been 84% since 2000. Coupled with 55% graduate retention (the largest outside of London), I’m relatively confident the demand exists from Manchester residents who are struggling purchase a flat, because all fractional ownership schemes are being sold in China. Quite frankly, the only reason they are being sold in china is for developers to de-risk their schemes and achieve a slight premium. I say we should be charging larger s.106 if the exit is overseas, lower for institutional Build to Rent and nothing if they are sold in the domestic market.
By The Old Faithful
Developers decisions are based on the financials of a project, as they must be. Funding is easier when there is a large deposit available as collateral or used as part of the construction budget. There is no real premium in the far east….those premiums are mostly swallowed up by the agents large fees when selling abroad.
A developer’s primary goal is to deliver projects and make a profit…they are not geared toward differentiating between local or international purchasers, just toward ensuring that the project can be funded and delivered. The C&C gimmick of releasing to ‘local purchasers’ was just that. It was only 20 apartments and everyone’s still talking about it. Just the PR of that alone has probably pushed the prices up for local purchasers. They achieved their goal.
The REAL problem is that banks are not ‘easily’ lending to developers or contractors as they see no real profitability in funding schemes which may have risk attached. Property development is not a of interest to them as much as it used to be.
What we need is an ‘easy to apply for’ government funding for smaller residential builders/developers, much like the Evergreen fund or GM fund…but this time actually give funding to the small resi developers rather than the large developers as has mostly been the case so far…why would someone like C&C, U&I, Renaker or Select need help from the GM fund? It begs the question who the Council really wants to help.
By Anonymous
I like this. It looks like the CIS at the bottom and Beetham at the top. The view from Chester road now is almost mirage like.
By Elephant
Another underwhelming glass cuboid. Totally agree with New Mancunian
By John
Wont it get warm in summer?
By Andy T
John, what would you advise in all seriousness? Bearing in mind this isn’t even a cuboid.
By Chris
I have 2 suggestions for the developer
Either add some curves and expensive materials to the design in order to increase development costs and market them for extortionate prices in Asia, OR, sell them on the cheap to local people. Either way you’ll go out of business but it’ll keep PNW posters happy.
By Knowledge is overated.